Enterprise Risk Management (ERM)

Role & responsibilities

To support and drive the Enterprise Risk Management function, ensuring compliance with IRDAI, SEBI, RBI, and other applicable regulatory frameworks, while driving a strong risk culture and governance across the organization. The role also ensures alignment with ISO 31000:2018 standards for risk management.

Key Responsibilities

• Develop, implement, and maintain the ERM framework in alignment with ISO 31000:2018 and IRDAIs Corporate Governance and Risk-Based Supervision guidelines 

• Establish risk policies, risk appetite statements, and risk registers across business functions.
• Facilitate the implementation of the Three Lines of Defense model. 
• Ensure compliance with IRDAI’s risk management regulations, including solvency, stress testing, and risk-based capital (RBC) requirements. 
• Coordinate with internal teams to ensure timely submission of risk-related reports to regulatory authorities. 
• Support implementation of Ind-AS 117 and other regulatory accounting standards impacting risk. 
• Conduct periodic risk assessments including strategic, operational, financial, insurance, cyber, climate, and reputational risks. 
• Monitor key risk indicators (KRIs) and emerging risks, including ESG and climate related risks. 
• Lead scenario analysis and stress testing exercises. 
• Support the Risk Management Committee of the Board (RMC) and other governance forums. 
• Prepare risk dashboards and presentations for senior management and board-level discussions. 
• Liaise with internal audit, compliance, actuarial, and finance teams for integrated risk oversight. 
• Collaborate with IT and InfoSec teams to assess and mitigate cyber and data privacy risks. 
• Support implementation of risk analytics tools and automation of risk reporting. 
• Develop and maintain Risk Heatmaps to visually represent risk severity and likelihood across business functions. 
• Implement and monitor RAG (Red-Amber-Green) risk rating methodology to classify and prioritize risks effectively. 
• Define and align organizational Risk Appetite and Risk Tolerance levels with strategic objectives and regulatory expectations. 
• Assess and document Inherent Risks across key processes and ensure appropriate mitigation strategies are in place. 
• Integrate RAG ratings and Risk Heatmap insights into Board-level reporting and decision-making frameworks. 
• Prepare and review Asset-Liability Management (ALM) reports and ensure alignment with IRDAI norms. 
• Maintain and update the Risk Control Matrix; lead the Crisis Management Team during incidents. 
• Conduct and support audits such as IRMS, IFC, Concurrent, ISO, and others as mandated. 
• Promote risk awareness across departments and conduct periodic training sessions. 
• Monitor and review the risk management framework and processes for continual improvement. 

 Must-Have Experience 

• Strong understanding of insurance operations, finance, and regulatory compliance. 
• Hands-on experience in managing audits, ALM, BCP/DR, and risk reporting. 

Key Skills & Attributes 

• Excellent knowledge of finance and regulatory frameworks. 
• Ability to track, update, and manage all risk-related compliances with zero deviations. 
• High on integrity, discipline, organization, self-drive, and ownership. 
• Strong analytical and communication skills.